Issue - meetings

Innovation Park Medway Update Report

 

 

Meeting: 13/02/2024 - Cabinet (Item 12)

12 Innovation Park Medway Update pdf icon PDF 174 KB

Minutes:

Background:

 

This report proposed to pause development at Innovation Park Medway (IPM) and explore the best options for its future delivery. The market had changed quite significantly and suggested an opportunity to review the best long-term opportunities for IPM to ensure the most sustainable future for the sites.

IPM presented an opportunity to help shape the economic future of the region, attracting investment and growth by bringing forward high quality jobs. To be successful the IPM needed to achieve long-term financial sustainability and attract high value businesses that support this.

 

The report also requested £200,000 to be vired from existing capital funding for IPM which would cover the assessment of development options for the sites via an external commercial team, including planning advice and legal advice as required.

 

Decision

number:

 

Decision:

 

30/2024

The Cabinet agreed to pause delivery at Innovation Park Medway at appropriate milestones and noted the pause of expenditure associated with this.

31/2024

The Cabinet agreed to officers carrying out the review of development options for the Innovation Park Medway sites and agreed to delegate authority to the Director of Place, in consultation with the Leader of the Council and Portfolio Holders for Climate Change and Strategic Regeneration and for Economic and Social Regeneration and Inward Investment, to investigate options for disposal of the Innovation Park Medway sites, including a Joint Venture, and present Cabinet with the preferred option for approval.

 

32/2024

The Cabinet approved the virement of £200,000 capital funding from the Innovation Park Medway budgets to a new capital budget code to undertake a review of the most sustainable development options for the Innovation Park Medway sites.

 

Reasons:

 

Further work is required to ensure that the sites are brought forward in a manner that suits the evolving needs of businesses in Medway along with ensuring that the sites are delivered in the most sustainable manner.  It is deemed necessary to pause the current work to avoid any abortive expenditure whilst this review takes place.